US oil closes at $35.92, posts 9.5 pct weekly gain

Up 10 cents since Monday here. Ever notice that in the fall the winter mix is more expensive than the summer mix, and in the spring the summer mix is more expensive than winter mix??

I have been watching prices go up about a nickel a day here. State average at the end of February was 1.41 and today is over 1.85. It's nuts. My two vehicles are full of 1.34

Funny how prices go up faster than they come down with the price of crude.

PinetreePellets said:

Fill those gas tanks. The triple threat of declining production for the 6th straight week, higher crude prices and summer blend means $2+ gas is just around the corner.

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From what I've been reading, the refineries converting to summer blend are shut down and , as in every year, the price of gas rises. How much it rises will depend on the crude output worldwide. It seems like Iran, and Iraq are trying to push as much as they can and Saudi Arabia is not slowing production either. I think we'll see low oil ($30-$40 crude) for the foreseeable future. Anything over $40 and the fracking wells will be reopened, which will hold the price down by flooding the market with more crude.
There's more of a chance of oil dropping into the $20's than going to 60-70-80 etc. Just my optimist 2cents.

Gas at the pump up another 7 cents last night. 1.91 now. Will be watching what automotive sales do as people see the pump prices going up this fast. Will they turn back to more efficient cars from the money making SUVs and trucks? Fridays jobs report that more were working but overall the wages went down. That's a real number. Not how many people the government says are working. If the wages go down it could be signaling the usual economy retraction that happens about every 7-8 years. That may pull pump prices back down. Planning a trip to Fort Union and will be interesting seeing the retraction of the oil drilling at Williston.

AmbDrvr253 said:

Funny how prices go up faster than they come down with the price of crude.

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Motor oil never did go down with crude. That makes no sense. Now when oil goes up again the price of motor oil will probably increase too.

I have seen several offers for synthetic oil for about $3/q Going to pickup a couple jugs as with spring will be changing oil again and one vehicle will be getting a oil analysis as its hitting 100k

3650 said:

Motor oil never did go down with crude. That makes no sense. Now when oil goes up again the price of motor oil will probably increase too.

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I guess the processing and add pack makes up the majority of the cost over the raw material. That or they're giving us the shaft.

jatoxico said:

I guess the processing and add pack makes up the majority of the cost over the raw material. That or they're giving us the shaft.

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If they charge the same when crude is $80+ to when it is $30......the shaft is BIG.

NYBurner said:

If they charge the same when crude is $80+ to when it is $30......the shaft is BIG.

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Meh not really. A barrel is just over 40 g so the ex. adds about $1.20/g. Meanwhile a 1.25 g of Pennzoil is about $28. Not much on a % basis.

jatoxico said:

Meh not really. A barrel is just over 40 g so the ex. adds about $1.20/g. Meanwhile a 1.25 g of Pennzoil is about $28. Not much on a % basis.

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Im not sure I get your point....or that you get your own. If the % of cost was so small, then there was never any justification to raise prices in the first place. Your complacent stance on this is exactly why prices do increase.

And by the way, your 5 qts of penzoil for $28 at walmart used be 20bucks or less.....thats a big % increase. Meh.

Several oil change specials being offered now for under $20 again but I don't trust most of the quick change outfits.

NYBurner said:

Im not sure I get your point....or that you get your own. If the % of cost was so small, then there was never any justification to raise prices in the first place. Your complacent stance on this is exactly why prices do increase.

And by the way, your 5 qts of penzoil for $28 at walmart used be 20bucks or less.....thats a big % increase. Meh.

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Relax. And Pennzoil is like $16 at Wally world.

jatoxico said:

Relax. And Pennzoil is like $16 at Wally world.

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???

THese early spring warm temps should help depress heating oil prices. WOrld is still producing more oil than its using. Stockpiles are at capacity.

Seasoned Oak said:

THese early spring warm temps should help depress heating oil prices. WOrld is still producing more oil than its using. Stockpiles are at capacity.

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Let's hope. In the past it seemed no matter how convoluted the argument, everything somehow became justification for increased prices of HHE and at the pump.

Crude up over 5 % today. Brent broke over $40. Will have to see what happens when the meeting of oil producers brings as the market is being driven by the hopes they will limit production. With Iran just starting back up and the first delivery to Europe week and half ago, that will be a wrench in the works IMO.

In the last three weeks HHO here went from $1.49 ( our low for the winter) to $1.62 just today. We locked in a delivery at $1.53 last Thurs that came today. Gasoline yesterday was $1.79 for regular.

Heating Oil should be at least 70c cheaper than gasoline as Pa has that much Fed and State road tax on it. Last i heard HO was about $1.30 around here

Seasoned Oak said:

Heating Oil should be at least 70c cheaper than gasoline as Pa has that much Fed and State road tax on it. Last i heard HO was about $1.30 around here

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Yeah

HHO $1.68 today.

Oil down again today according to the markets. This will seesaw regularly I think.

Kuwait said it won't play if Iran does not.
Gas went up another nickel in area this PM. Real close to being above $2. HD in Fargo was trying to get rid of 4 pallets of Indeck pellets for 179/T

HHO $1.65 today.